Ally Bank Hits $100B in Deposits
A press release entitled, "Ally Bank Surpasses $100 Billion in Retail Deposits in Just 10 Years," tells us, "Ally Bank, the customer-obsessed banking arm of Ally Financial Inc. (ALLY), announced a major milestone today, surpassing $100 billion in retail deposits. The news comes just months after the bank celebrated its 10th anniversary. Ally Bank's 1.9 million retail deposit customers have demonstrated strong loyalty over its 10-year history, where retention levels have remained consistently above 90%. This has been driven by Ally Bank's commitment to customer service and personalization of the banking experience, and consistently competitive rates on deposit products. Through the first half of 2019, Ally grew retail deposits by $9.5 billion and added more than 200,000 customers." CEO Jeffrey Brown comments, "We're very proud to move through the $100 billion mark in retail deposits, a significant achievement in our journey to be the leading digital bank in the U.S. Our relentless focus on our customers and strategic approach to offering innovative digital products, reinforces our view that consumers are increasingly seeking a differentiated banking experience." The release also comments, "Ally Bank launched in 2009 under the premise that customers didn't need another bank, they needed a better bank, which is reflected in the company's "Do It Right" mantra. Ally Bank is an all-digital platform, providing 24/7 customer service and consistently competitive rates, with no monthly maintenance fees or minimum balance requirement on deposit accounts." President of Consumer & Commercial Banking Products Diane Morais adds, "Our customer-first mindset, differentiated products and services, matched with our exceptional 24/7 customer service is what we attribute this milestone to. We could not have reached $100 billion in retail deposits without our customers." (Ally is currently paying 1.90% on its Online Savings, one of the highest rates available.)
